Page 23 - Engineering Insurance IC 77 Ebook

Sashi Publications
Engineering Insurance Policies - Applicable Excesses

1. The detailed schedule of minimum deductibles mum excess against such items are be-
and excesses adopted by the underwriters in ing linked to the above minimum amount
line with the prudent underwriting norms and and thus revised at Rs.2500/-. However, the
globally accepted best practices for policies percentage of the sum insured as shown
incepting or being renewed with effect from 01/ against the above items remains as it is
04/2010. The Excess stated in the Schedule in the MB tariff.
of the Policy to be borne by the Insured in any Note:
one Occurrence / Event per Policy per Insured Sum Insured of the machine should be de-
related to property damage. clared as a whole and should not be ap-
portioned towards parts of machine.
2. The position of the revised minimum
2.2 Machinery Breakdown Loss of Profits
deductibles in all Engineering Insurance w.e.f.
(Standalone policy with MI cover) - 14 days
01/04/2010 and the interpretation of the same
of Standard Gross profit. This is applicable
vis-à-vis their application under Engineering
for all type of plants.
policies as follows:
For Mega Risk: 21 days of Standard Gross
2.1 Machinery Breakdown-
profit. This is applicable for all type of
1% of sum insured for each machine sub-
plants
ject to a minimum of Rs 2,500/-
Earlier as per MB tariff there were separate
2.3 EXCESSES for Contractors Plant & Ma-
excess against items like glass lined ves-
chinery- For all Machinery under Group
sels, glass and graphite equipments, fur-
I,II,III,IV, including cranes above 10 tone
nace transformers, photocopiers. The mini-
capacity under Group III
EXCESSES
Value of equipments For claims arising out of AOG perils For claims arising out of perils
other than AOG
Individual value upto 10 % of S.I. Subject to a minimum of 2 % of S.I. subject to minimum
Rs.1 lakh. Rs. 5,000/- of Rs. 1,500/-
Individual value over Rs. 5 % of S.I. Subject to a minimum 1.5 % of S.I. subject to minimum
1 lakh and upto Rs. 5 lakh. of Rs.10, 000/- of Rs.2, 000/-
Individual value over Rs. 3 % of S.I. subject to a minimum 1.25 % of S.I. subject to
5 lakh and upto Rs.10 lakhs. of Rs. 25, 000/- minimum of Rs. 7,500/-
Individual value over Rs. 2 % of S.I. subject to a minimum 1.00 % of S.I. subject to
10 lakhs upto Rs. 25 lakhs of Rs. 30, 000/- minimum of Rs. 12, 500/-
Individual value over Rs. 1 % of S.I. Subject to a minimum 1 % of S.I. Subject to a
25 lakhs upto Rs. 50 lakhs of Rs. 50, 000/- minimum of Rs. 50, 000/-
Individual value over 1 % of S.I. Subject to a minimum 1 % of S.I. Subject to a
Rs. 50 lakhs of Rs. 50, 000/- minimum of Rs. 50, 000

Boom Section- 20 % of claim amount sub- / Children's Parks - the excess will be as
ject to minimum of Rs. 25, 000/- per other groups.
For Machinery under Group V - Rs.2, 500/ 2.4 Electronic Equipment Insurance- As de-
- is the Flat. Excess. tailed below [No change from EEI (TAC)
For Group VI machineries -i.e. Merry-go- Tariff] :-
round & toy train with rails in Amusement

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